Ripple’s Brad Garlinghouse Requests For XRP Related Documents From Binance
Ripple CEO has filed a motion requesting XRP related documents from Binance.
Garlinghouse believes that the records held by Binance could bolster his claim that most of his XRP sales took place on non-US exchanges.
Ripple Seek Assistance Of Cayman Islands Authorities
The legal team representing the Ripple boss requested that the court issue a letter on behalf of the defendant to seek the assistance of the Central Authority of the Cayman Islands.
While citing the Hague Convention, the lawyers urged the court to help Ripple compel evidence from Binance with the aid of Cayman Islands authorities.
According to the documents, Garlinghouse is seeking the transaction records of the XRP sales orders conducted by himself, Ripple Labs, and co-founder Chris Larsen.
The SEC said that the Ripple CEO allegedly sold more than 357 million XRP assets on crypto trading platforms globally to investors all over the world.
To counter this claim, the legal team cited Section Five of the Securities Act of 1933, which states that the alleged illegal XRP sales applied only to domestic sales and offers of securities.
The lawyers seem to be confident that the documents requested of Binance contain evidence that supports the assertion.
“As the SEC knows, Mr. Garlinghouse's sales of XRP were overwhelmingly made on digital asset trading platforms outside of the United States […] the discovery that Mr. Garlinghouse seeks will be relevant to demonstrating that the offers and sales that the SEC challenges did not occur in this country and are not subject to the law that the SEC has invoked in this case.”
Ripple's Previous Discovery Filings
The request is the latest discovery filing in the lawsuit the SEC filed against Ripple in December 2020. The regulator had alleged that the firm, Garlinghouse, and co-founder Chris Larsen had conducted unregistered securities offering with their XRP token sales.
Garlinghouse and Larsen filed a similar motion to obtain documents from 14 cryptocurrency exchanges in June this year. The exchanges include Bitfinex's parent company, iFinex, Bithumb, Bitstamp, Huobi, Upbit, among others.
The deadline of this particular discovery has been extended by 60 days to August 31, as part of the SEC's request. On the other hand, the pre-trial discovery phase of the lawsuit will reportedly end on October 15.
Ripple filed this motion in April with the belief that this could show the SEC's uncertainty around the regulation of cryptocurrencies.